Nationwide Fund Advisors Sells 42 Shares of Qorvo, Inc. (QRVO)
Nationwide Fund Advisors cut its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 0.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,747 shares of the semiconductor company’s stock after selling 42 shares during the quarter. Nationwide Fund Advisors’ holdings in Qorvo were worth $2,264,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the stock. Baupost Group LLC MA purchased a new position in shares of Qorvo in the first quarter valued at $492,639,000. Manning & Napier Advisors LLC purchased a new position in shares of Qorvo in the second quarter valued at $101,456,000. Strs Ohio grew its holdings in shares of Qorvo by 1.0% in the second quarter. Strs Ohio now owns 885,830 shares of the semiconductor company’s stock valued at $56,090,000 after purchasing an additional 9,120 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Qorvo by 60.8% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 591,476 shares of the semiconductor company’s stock valued at $40,551,000 after purchasing an additional 223,641 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of Qorvo by 1.9% in the second quarter. Swiss National Bank now owns 461,345 shares of the semiconductor company’s stock valued at $29,212,000 after purchasing an additional 8,700 shares in the last quarter. 94.34% of the stock is owned by hedge funds and other institutional investors.
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In other news, VP James L. Klein sold 2,600 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $70.84, for a total transaction of $184,184.00. Following the completion of the transaction, the vice president now directly owns 42,993 shares in the company, valued at approximately $3,045,624.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Robert A. Bruggeworth sold 6,769 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $71.34, for a total value of $482,900.46. Following the transaction, the insider now owns 219,719 shares of the company’s stock, valued at $15,674,753.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,080 shares of company stock valued at $4,395,363. Company insiders own 0.91% of the company’s stock.
A number of research analysts recently weighed in on the stock. KeyCorp reissued a “hold” rating on shares of Qorvo in a report on Wednesday. Mizuho reissued a “hold” rating and issued a $70.00 target price on shares of Qorvo in a report on Monday, October 9th. Cowen and Company reissued a “hold” rating and issued a $85.00 target price on shares of Qorvo in a report on Sunday, September 17th. Needham & Company LLC reissued a “buy” rating and issued a $86.00 target price on shares of Qorvo in a report on Sunday, September 17th. Finally, Craig Hallum reissued a “buy” rating on shares of Qorvo in a report on Wednesday, September 13th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the stock. Qorvo presently has a consensus rating of “Hold” and a consensus price target of $73.45.
Shares of Qorvo, Inc. (NASDAQ:QRVO) opened at 72.39 on Friday. The company’s market capitalization is $9.21 billion. Qorvo, Inc. has a 52-week low of $48.28 and a 52-week high of $79.34. The stock’s 50 day moving average price is $72.06 and its 200 day moving average price is $70.69.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. The business had revenue of $640.80 million during the quarter, compared to analysts’ expectations of $632.18 million. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The company’s revenue was down 8.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.08 EPS. On average, equities research analysts forecast that Qorvo, Inc. will post $5.53 earnings per share for the current fiscal year.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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